Lattice Semiconductor Reports First Quarter 2015 Results

In addition to the foregoing, other factors that may cause actual results to differ materially from the forward-looking statements in this press release include global economic uncertainty, overall semiconductor market conditions, market acceptance and demand for our new products, the Company's dependencies on its silicon wafer suppliers, the impact of competitive products and pricing, technological and product development risks, and the other risks that are described in this press release and that are otherwise described from time to time in our filings with the Securities and Exchange Commission. The Company does not intend to update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Measures

Included within this press release and the accompanying tables and notes are non-GAAP financial measures that supplement the Company's consolidated financial information prepared under GAAP. The Company describes these non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures in the tables and notes attached to this press release. The Company's management believes that these non-GAAP measures provide a more meaningful representation of the Company’s ongoing financial performance than GAAP measures alone. In addition, the Company uses Adjusted EBITDA to measure compliance with certain of its debt covenants. These non-GAAP measures are included solely for informational and comparative purposes and are not meant as a substitute for GAAP and should be considered together with the consolidated financial information located in the tables attached to this press release.

About Lattice Semiconductor:

Lattice Semiconductor (NASDAQ: LSCC) is the global leader in smart connectivity solutions, providing market leading intellectual property and low-power, small form-factor devices that enable more than 8,000 global customers to quickly deliver innovative and differentiated cost and power efficient products. The Company’s broad end-market exposure extends from consumer electronics to industrial equipment, communications infrastructure and licensing.

Lattice was founded in 1983 and is headquartered in Portland, Oregon. The Company acquired Silicon Image in March 2015, which is a leader in setting industry standards including the highly successful HDMI®, DVI™, MHL® and WirelessHD® standards.

For more information, visit www.latticesemi.com. You can also follow us via LinkedIn, Twitter, Facebook, or RSS.

Lattice Semiconductor Corporation, Lattice (& design), L (& design), iCE40 and MachXO3L and specific product designations are either registered trademarks or trademarks of Lattice Semiconductor Corporation or its subsidiaries in the United States and/or other countries.

GENERAL NOTICE: Other product names used in this publication are for identification purposes only and may be trademarks of their respective holders.

 

Lattice Semiconductor Corporation
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

 
  Three Months Ended

April 4,
2015

  January 3,
2015
  March 29,
2014
Revenue $   88,597 $ 83,600 $ 96,637
Costs and expenses:
Cost of products sold 40,765 37,337 42,499
Research and development 27,642 22,485 21,239
Selling, general and administrative 21,088 18,301 18,749
Acquisition related charges

18,198

 

Restructuring 4,894 1 11
Amortization of acquired intangible assets 2,942 737 737
115,529 78,861 83,235
(Loss) income from operations

(26,932)

4,739 13,402
Interest expense

(1,611)

(87)

(48)

Other (expense) income, net

(154)

144 357
(Loss) income before income taxes

(28,697)

4,796 13,711
Income tax expense (benefit) 24,665

(10,623)

1,727
Net (loss) income

(53,362)

15,419 11,984
Net loss attributable to non-controlling interest 15  
Net (loss) income attributable to common stockholders $  

(53,347)

$ 15,419 $ 11,984
 
Net (loss) income per share:
Basic $  

(0.46)

$ 0.13 $ 0.10
Diluted $  

(0.46)

$ 0.13 $ 0.10
 
Shares used in per share calculations:
Basic 116,863 117,931 116,436
Diluted 116,863 119,486 118,917
 
 

Lattice Semiconductor Corporation
Consolidated Balance Sheets
(in thousands)
(unaudited)

 
 

April 4,
2015

  January 3,
2015
Assets
Current assets:
Cash, cash equivalents and short-term marketable securities $ 159,769 $ 254,844
Accounts receivable, net 80,777 62,372
Inventories 80,555 64,925
Other current assets 23,334 16,281
Total current assets 344,435 398,422
 
Property and equipment, net 50,512 27,796
Other long-term assets 12,058 9,862
Intangible assets, net of amortization 198,613 9,537
Goodwill 268,698 44,808
Deferred income taxes 3,501 20,105
$ 877,817 $ 510,530
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other accrued liabilities $ 97,204 $ 45,800
Current portion of long-term debt 122
Deferred income and allowances on sales to sell-through distributors 19,930 14,946
Total current liabilities 117,256 60,746
 
Long-term debt 338,378
Other long-term liabilities 26,024 8,809
Total liabilities 481,658 69,555
 
Redeemable non-controlling interest 7,207
 
Stockholders' equity 388,952 440,975
$ 877,817 $ 510,530
 
 

Lattice Semiconductor Corporation
- Supplemental Historical Financial Information -
(unaudited)

 
  Three Months Ended
April 4,
2015
  January 3,
2015
  March 29,
2014
Operations Information
Percent of Revenue
Gross Margin

54.0

%

55.3

%

56.0

%

R&D Expense

31.2

%

26.9

%

22.0

%

SG&A Expense

23.8

%

21.9

%

19.4

%

Depreciation and amortization (in thousands) 7,881 5,170 5,860
Capital expenditures (in thousands) 2,878 3,394 2,395
Stock-based compensation (in thousands) 3,384 3,257 3,090
Stock-based compensation included in acquisition related charges (in thousands) 3,891
Restructuring and severance related charges (in thousands) 4,894 59 90
Severance costs included in acquisition related charges (in thousands) 4,017
Taxes paid (cash, in thousands) 1,063 509 380
Balance Sheet Information
Current Ratio 2.9 6.6 5.2
A/R Days Revenue Outstanding 82 67 62
Inventory Months 5.9 5.2 4.1
Revenue% (by Geography)
Asia

70

%

69

%

75

%

Europe (incl. Africa)

19

%

16

%

15

%

Americas

11

%

15

%

10

%

Revenue% (by End Market) (1)
Communications

37

%

41

%

41

%

Consumer

22

%

20

%

31

%

Industrial

38

%

39

%

28

%

Licensing

3

%

%

 

%

Revenue% (by Channel)
Sell-through distribution

56

%

49

%

39

%

Direct

44

%

51

%

61

%

 

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